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Yen Stabilizes After Early Weakness, Aust & China Data Still To Come

FOREX
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Early G10 FX trends have seen modest JPY and CHF weakness. The USD BBDXY index sits a touch higher, last near 1234.5 in the first part of Monday dealings.

  • USD/JPY got to highs of 146.60, but sits slightly lower now, last near 146.30. Focus is likely to be whether we can test the 20-day EMA (146.84 based off Friday closing levels). We haven't been above this resistance level since mid July this year. USD/CHF was last above 0.8500.
  • Carry over weakness from Friday's session looks to be in play, as USD sentiment stabilized amid resilient data/higher yields. With US markets out later today it could be a quiet start to the week on this front though. US 10yr Tsy futures sit unchanged in latest dealings.
  • AUD/USD is up modestly, last near 0.6775, while NZD/USD is unchanged at 0.6250.
  • Earlier data showed Japan Q2 capex better than expected (ex software), which implies a positive GDP revision for Q2 (this data prints next Monday). USD/JPY does sit slightly lower post the outcome.
  • Coming up we have final Japan PMI revisions for August, along with Melbourne Institute inflation gauge in Australia. Also due is Q2 inventories and ANZ job ads. The China Caixin manufacturing PMI prints a short while after this.
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Early G10 FX trends have seen modest JPY and CHF weakness. The USD BBDXY index sits a touch higher, last near 1234.5 in the first part of Monday dealings.

  • USD/JPY got to highs of 146.60, but sits slightly lower now, last near 146.30. Focus is likely to be whether we can test the 20-day EMA (146.84 based off Friday closing levels). We haven't been above this resistance level since mid July this year. USD/CHF was last above 0.8500.
  • Carry over weakness from Friday's session looks to be in play, as USD sentiment stabilized amid resilient data/higher yields. With US markets out later today it could be a quiet start to the week on this front though. US 10yr Tsy futures sit unchanged in latest dealings.
  • AUD/USD is up modestly, last near 0.6775, while NZD/USD is unchanged at 0.6250.
  • Earlier data showed Japan Q2 capex better than expected (ex software), which implies a positive GDP revision for Q2 (this data prints next Monday). USD/JPY does sit slightly lower post the outcome.
  • Coming up we have final Japan PMI revisions for August, along with Melbourne Institute inflation gauge in Australia. Also due is Q2 inventories and ANZ job ads. The China Caixin manufacturing PMI prints a short while after this.